I have been saying in this blog that what the Eurozone needs is an agreement to turn the ECB loose to print Euros (e.g. Germany gives its approval) in exchange for Eurozone countries accepting oversight from a regional fiscal authority.

ECB president Mario Draghi seemed to indicate that exactly such an agreement is being sketched out and planned for discussion next week.

If this deal goes through, the big jump in market value we just saw will look justified.  But if nothing convincing emerges from the Dec. 9 meeting, then the Euro looks doomed.

I’m hoping for the best, but I’d say the odds are now 50-50.